NZ Market Ends Marginally Higher

Index Update: On 12th February, the NZ market ended in green, amidst broad-based buying momentum. On the same day, S&P/NZX 50 Index witnessed a rise of 0.18% to end at 13,531.480 and S&P/NZX 20 Index increased by 0.11% to close at 7,701.330. Also, S&P/NZX 10 Index rose by 0.28%. Notably, significant buying was witnessed in the energy sector, with S&P/NZX All Energy increasing by 3.57% to end at 2,668.110.     

Macro Update: The Treasury released interim financial statements for 6 months ended 31 December 2025, with core Crown tax revenue coming at $60.0 billion. This was $0.1 Bn (or 0.2%) higher than forecast. On the other hand, the core Crown expenses amounted to $71.4 Bn. This was $1.0 billion (or 1.3%) below the forecast.  

Market Movers: Among top gainers, TruScreen Group Limited (NZX: TRU) witnessed a rise of 10.00% to end at $0.022 per share. On the other hand, EROAD Limited (NZX: ERD) declined by 6.73%.   

Commodity Update: The U.S. dollar edged higher against most major currencies, supported by stronger-than-expected jobs data that tempered near-term rate cut expectations ahead of Friday’s inflation report. Gold slipped 0.22% to USD 5,086.60, while silver declined 0.60% to USD 83.44. Copper was steady, up 0.01% at USD 13,247.00. Brent crude gained 0.40% to USD 69.64 amid ongoing U.S.–Iran tensions, though rising U.S. inventories capped further upside.  

Source: Trading View, Analysis: Kalkine Group  

In the most recent session, the S&P/NZX 50 Index edged higher by 24.22 points, or 0.18%, finishing at 13,531.49 and hovering near the ascending trendline commencing from April 2025. Despite the modest advance, the index remains range-bound, capped by resistance near its all-time high and supported by solid buying interest around the December 2024 peak. Accordingly, the short-term outlook continues to reflect a broadly neutral stance. Importantly, the benchmark is still trading above its prior swing low, suggesting that the broader bullish market structure remains intact despite recent volatility. From a technical standpoint, momentum readings have moderated; however, buying interest continues to emerge on pullbacks toward key support levels. In the near term, immediate resistance is positioned at 13,757.71. A clear and sustained break above this barrier would reinforce bullish momentum and open the path toward the psychological 14,000 level. On the downside, initial support is identified around 13,250. Holding firmly above this zone would preserve the constructive technical configuration and reduce the likelihood of a deeper corrective move.  

Our Stance: As of now, the US investors are eyeing fresh earnings from the companies as well as inflation data. This inflation data is expected to provide some insights into the US Fed’s path to interest rate policy. Coming to the NZ markets, the broader NZ equities are expected to be impacted by Chinese economic readings, since China is a critical trading partner for NZ. Also, the rate decision by the RBNZ is another economic development NZ investors are required to track.